via CAAI News Media
Friday, 26 March 2010 15:02 Soeun Say
THE National Assembly is slated to discuss a draft law on the ownership of private residential property by foreigners on April 1, a senior lawmaker told the Post Thursday, in what analysts say could bolster the flagging real-estate sector.
“We will not delay any longer,” said Cheam Yeap, head of the National Assembly’s Finance Committee. “We will discuss and approve the law ... following the request by [Prime Minister] Hun Sen.”
The Assembly considers the law “urgent” for approval as it will provide confidence to foreign investors and developers in the construction and property sectors, he added.
The draft law would allow foreigners to own residential property above the ground floor, which is in direct contract with the land and must still must belong to a Cambodian. Co-owned buildings with private units, such as apartments, can be owned up to 49 percent by foreigners.
The draft would guarantee protection of rights for legal owners of apartments and condominiums, and help to regulate such co-ownerships.
The law was drafted by the Ministry of Land Management and was approved by the Council of Ministers last year.
“I hope the law will push the construction sector and property sector to rebound,” he said.
Sung Bonna, President and CEO of Bonna Realty Group, said Thursday the law could boost demand for property.
“We have been waiting for this law for a long time,” he said.
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